bit different we will see a return to work season and see what they report next week. jack: a return to stores, this is interesting stuff, thank you very much, to read more checkout barons.com don't forget to follow us on twitter at barron's online, we will see you next every day. >> from the fox studio in new york city, this is "maria bartiromo wall street". maria: welcome to the program that analyzes the week that was in helps position you for the week ahead i am jackie deangelis and for maria bartiromo stocks closing out in a while july mark masten on where things go from here. gop results, republican congressman protesting the mask mandate based on politics and not science, i am talking with florida congressman byron donalds and larry elder is here

he wants to be the next governor of california he is leading the race to replace governor gavin newsom here's a look at where markets ended with the new record highs and the strong earnings report and the fed's decision to keep rates near 0 but inflation leading large, mark masten joins me right now, great to see you, let's start there with the delta variant markets are a little concern even though we climb higher, what are your thoughts. >> obviously i'm not a doctor i can't speak to that because what we have going on but what i can say any further lockdowns, any further mandates any further destruction by shutting businesses down will be destructively look at the fortune 500 stocks in mainly the tech stocks but over 45% of all of our businesses are small businesses and when you have lockdowns, shut out these are

the businesses that get decimated it will help for the best there is depression, anxiety, stress, out we go back to lockdown and it'll be painful for a lot of people. jackie: investor should keep this on the reader we will continue to watch and see how it progresses you mention big tech we have a slew of tech earnings and that seems to be the positivity the momentum seems to be holding the market up. >> i think there is a big problem with that it's not like 2000 wear big large stocks in tech stocks had a massive runoff and then you saw massive crash in the s&p drop over 50%, the nasdaq stocks, people forget lost over 75% instantly and i see so many investors overweighting their portfolio to large stock, tech stock there ignoring small stock, micro caps, international investing, investors are way too focused and i think it's a big mistake

for investors. jackie: let's segue into what your strategy is the markets continued to climb higher hitting new records almost every everyday despite the risks how would you position yourself right now? >> it's easy for people to get caught up in her bias and do everything that everybody else but what everybody is doing is large stock in tech stock my investors focus on microtech, small value stocks and investors should stress test their portfolio, you should know if we get to 7374 will help us to portfolio and bad market and diversified globally you should own emerging market, europe, asia and to meet the volatility you need high-quality short-term fixed income everybody is cheating on the yield curve and buying junk bonds to juice they return that has a lot of volatility and a lot of

destruction investors need to think globally and not just a home. jackie: you made a lot of good points investors are worried about inflation, what's the best way to hedge your portfolio against that risk factor. >> that's a great question many people are making terrible mistakes they're doing things they trying to invest in gold to hedge inflation, bitcoin the problem with gold it has massive volatility in a historic rate of return of only 5% is a terrible hedge against inflation, if you want to stay up with inflation have high-quality short-term fixed income historically if you want to be inflation which most investors need to over the long run inflation clocks in at 30% in equities 70%, long-term equity, short-term high-quality fixed income and on the dips market crashes 20, 30, 40% sell the fixed income push herself to rebalance and by the equity whether low, it sounds easy but it's hard to do emotionally and

intellectually. jackie: it doesn't sound easy it's a lot to take in as a volatile environment and we certainly understand that when we watch the market and we think about the growth in general and go from here this is been a summer of reopening and we expect gdp to come in higher than it was 6.5% annual rate, it's not what wall street was forecasting we talked about the risks, the delta variant, inflation, your thoughts on where we go from here gross wise it seems i can become the issue of politics, how we want to deal with the risks, and we mentioned we want to go backwards or move forward. >> that is great the biggest problem facing america right now is almost $5.5 million spending bill that's been floated out there by the democrats and liberals this is very instructive when you award people not working and you

punish people for working hard and not creating well you slow down the growth of the economy and you introduce the case for inflation and this will only slow to your point slow gdp growth and that's bad for everybody. reasonable people might be able to agree that a small infrastructure bill might be prudent but the massive spending which creates largely social programs that never ends is massive long-term for the rest. jackie: a lot to take in, thank you so much for breaking that down, great to talk to you. >> house gop is in revolt against speaker nancy pelosi new mask mandate for the republican congressman byron donalds on congressman byron donalds on what happens now ♪ i'm so glad you're ok, sgt. houston. this is sam with usaa. do you see the tow truck? yes, thank you, that was fast. sgt. houston never expected this to happen.

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jackie: the signs in the house park by nancy pelosi's mask mandate thing, to make about the house minority leader. >> consistent with the newly updated guidance from the office of the physician related to the increased threat from the delta variant of the virus the chair wishes to inform all members and staff that masks will once again be required in the hall of the house. >> can i ask you. jackie: that was the speaker calling kevin mccarthy a moron after he questioned the science behind the mandate nearly 40 massacres republican house members walking on protest later in the week traveling to the capital senate where there is no mask mandate florida congressman byron donalds was among them he joined me now, welcome how does this play out in the house and across the country were indoor

mask mandates are returning now. >> first of all let me just say a lot of the stuff comes down to showing the information that you have, the cdc has not given up information speaker pelosi hasn't given up information and she shows up and says were wearing masks meanwhile in the senate they have no mask mandate for the american people to understand this in the house of representatives roughly 75% to 80% of members are fully vaccinated and in the senate all the members are vaccinated we have members who did get the vaccine but they did have covid-19 for her to say were putting masks back on without giving any information is why you have a lot of members who decided to protest. jackie: what you're seeing in washington is what's happening across the country, take a look at the cover of the new york post for friday you can see what the post is saying weak cases for those vaccinated are minuscule piece of what's happening here, yet the

vaccinated people are the ones who are now being asked to put masks on to protect the unvaccinated it's a chicken or an egg question you got the shot in the arm to help yourself move forward to be protected from the virus in your being penalized. >> absolutely right you're seeing poor leadership out of the white house and the cdc what's right now is more information not less we need information and we need data we need to see what's going on with respect to hospitalization per capita and deaths per capita in the post-vaccine world with covid-19 these talk down talking points mandates that are being pushed out are not going to help people who are unvaccinated or people who are vaccinated to comply with, that is key my stance is simple releasing information so people can make an appropriate decision don't come out here with her hair on

fire telling everybody what they must do now. jackie: this is an interesting point, essentially throughout the pinto mark the democrats have been saying we want to follow the science when the science doesn't lead them to the conclusion that suits their narrative they will all of a sudden. the science that's what's happening here this should be a medical question and now it's turning into a political question. >> you're absolutely right it does not need to be, a lot of this is quite simple, give people information, i'm 42 years old i'm unvaccinated, even though i've had covid-19 there are many millions of americans who are in that position, for us in that population all we need to know is the toll that the delta variant can take what will that mean not only for myself but my family you're not getting any of that leadership from the white house and you're definitely not getting it from nancy pelosi all you're getting is mandates and tough talk and another thing that we should be

doing if you want to start let's bring back robust testing is widely available and what they should've said we need people to go back and start testing more and more so we can handle and understand how far the delta area has spread to the country, were not doing that and unfortunately their preaching vaccines i don't want to talk ill of vaccines, they do work there phenomenal in the front page of the new york post shows that but you gotta give people all the information but not political talking points. jackie: what about the direction were going in with corporations mandating that you need a vaccine to return to work a lot of big tech companies are doing that there's a trickle-down effect that affects the stage for what small businesses should do but small businesses are in a more vulnerable difficult position and are lucky to be alive, many of them saying a vaccine or mask way because we don't want to turn customers away at the door. >> corporate america needs to make sure their employees have all the information to make sure

we have all this entire interview for them to mandate you have to be vaccinated to go to work is a bad situation not just in our economy but the way our country works, our health information, our healthcare is a personal decision it's not for a ceo to mandate what you can and cannot put into your body with the vaccination i think it's a bit under very bad decision and i hope many companies don't follow the path and frankly a lot of these comedies out of silicon valley who tend to be liberal anyway. jackie: the last moment i have with the me ask about president biden and incentivizing americans monetarily to get vaccinated there's a lot of folks is a i got the shot they didn't get anything for being responsible early on. >> all that is going to do is set people up for failure the next time because the next time something comes up people are going to say i'm not going to get vaccinated i'm going to wait for my check from the federal

treasury until i take action, this is bad leadership if you want people to get vaccinated give them the information don't give them checks like they did in some states and enrolled them in a lottery and give them get cut under gift cards, that's not what we should be doing that somehow you manage a pandemic. people need to walk to that decision with their own religion and decide to do with themselves and their families and the doctors not the government cutting them checks. we are getting comfortable with cutting checks, we should not be doing it. jackie: congressman byron donalds, thank you so much. coming up next california facing a major recall vote weeks away larry elder in the lead to replace newsom if newsom is voted out. he joins us next. ♪ ♪

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jackie: welcome back were more than six weeks away from a crucial california vote to recall governor gavin newsom. according to a new pool radio host larry elder to replace newsom if these recall, he joined me now this race is getting off to an interesting start, a lot of the national attention even massachusetts democrat senator elizabeth warren getting involved. >> what's the deal with the recall of gavin newsom we've seen top republicans across the country attacking election results and the right to vote

now powering california abusing the recall process and taxpayer millions. jackie: how do you respond to critics like warren saying this recall effort is a republican power grab at taxpayers expense. >> 's house. they are to bring from outside of california to make the attack at least i wasn't called the white supremacist like the earlier described the recall after i came into the race they drop that notice he did not defend his record on crime and homelessness in his record on the way he ignored science and shut down the state and more severe way than any of the other 50 states and they didn't say anything about the rising cost of housing which is where the first time in the states history people make between 50 - 100k are leaving california we have a migration out of california for the very first time in our nations history and notice gavin newsom is nowhere to be found in

i've been a politician for all of two weeks and i've been up and down the state talking to radio and television and for governor gavin newsom to come on they always say yes it is nowhere to be found he tyson somewhere in the french laundry, he cannot defend his record. jackie: it's interesting elizabeth warren did not discuss any of that. when you talk will homelessness in a state that is facing high taxes if your resident, the pandemic might've sped up people leaving but your scene is not only in california it's across the country, people are fleeing blue states for red states because the quality of life was substantially better if they leave. >> that is right notice that she referred as a move by trump republicans, i'm a republican she didn't call me a mitt romney republican or john mccain or george w. bush republican or whoever he or she is a 22 to four although for that person. this shows you how desperate they are, we have four seasons

winter, fall, spring, summer and fire he lies and governor newsom of how many trees he cleared away in dead vegetation, even the l.a. times in any newspaper said that he actually lied about how much he cleared, i don't know what he's doing but all his sons enjoyed in person private education will shutting down public school education for everybody else. 75% of black boys in california could not read proficiency and nearly 50% cannot and he abided by the teachers union and shut schools down for an entire year after the cdc said we resume in person schooling which are in precautions, the number one funder of gavin newsom they enjoy a whole year of being paid while doing virtual education and he appeared almost on the brink of giving him another year of a paid vacation essentially because again totally beholden to the teachers union one of the

things they will be pushing if i'm lucky enough to become governor's choice in school the money follows a child, or the other way around because the teachers will not be automatic and the teachers union they will not get the automatic dues, it's outrageous the quality of state, 80% of the students of public school students in california are black and brown and they did not allow the education. jackie: this is really interesting you're bringing up the coronavirus management and it's interesting what appears to be an inflection point with the delta variant and they're going to take matters into their own hands, do we choose to move forward or do we go backwards with mass mandate in california seems to be one it's curious to me because i see the election is set for september 14 that is not so far away, some might say that this is sort of a political maneuvering stunt to make it more difficult to vote in

person. >> the ballots will go out august 14 anybody can vote between now and then september 14 is anti-climatic because voting will start so soon, the reason the election is so quick at one time gavin newsom pull numbers were up and all of a sudden they scheduled the election so quickly but the polls are showing the recall part is almost 50/50 write in the margin of error he is here and that's why he brought in elizabeth warren, who is he going to bring in next. jackie: what do you say to those who say you're not a career politician you're an amateur when it comes to this we see many candidates rise to great power including the presidency that hasn't been career politicians and perhaps they have been some of the best. >> one of the things i'm asking people to post in the tip jar because of allegations i recall a fellow who came out of hollywood and he became a two-term governor in a two-term president, his name was ronald reagan in gavin newsom, this guy has all sorts of experience he

would be mayor of san francisco for eight years and lieutenant governor and he had all the time to decide what he was going to do when he became governor and now he's been governor for two years, it's pretty insulting 2.2 million have signed a position and they called it trump republicans independents and democrats i just wonder thank you for this time it's wonderful, more wall street after this. ♪ [sfx: radio being tuned] welcome to allstate. ♪ [band plays] ♪ a place where everyone lives life well-protected. ♪♪ and even when things go a bit wrong, we've got your back.

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(upbeat music) how you doing? hey mason! hi mason! thank you. jackie: welcome back another big show in the works make sure to tune into wall street every friday and 9:00 p.m., maria is back 10:00 a.m. on the sunday morning fox news channel for "sunday morning features" she

will speak with former white house senior aide to president trump stephen miller former hud secretary ben carson in wyoming senator john barrasso, it's good to do a press have a wonderful weekend and thank you for watching. ♪jo ♪♪ hello, welcome back to above. i am very couple. as i've said before, when the bible does something good, we praise him and this business investment warning